Berkadia Facilitates Tampa Bay Community Sale

by Csilla Borsos

Oasis at Bayside

Tampa, Fla.—Berkadia has recently facilitated the sale of Oasis at Bayside, a 304-unit community located in Largo, Fla. The sale price was undisclosed, but the property changed hands for roughly $17 million in 2013, according to Yardi Matrix.

Berkadia represented the seller, Redwood Capital Group. The team handling the sale consisted of Senior Director Jason Stanton in the firm’s Tampa office, Managing Director Cole Whitaker in the Orlando office, and Associate Director Greg Rainey in the Jacksonville office. Brookfield, Wisc.-based MLG Capital was the buyer.

Oasis at Bayside is situated on 7.5 acres at 305 Glades Circle, near Route 19, and consists of 28 buildings with one-, two- and three-bedroom residences. Units feature walk-in closets, outdoor storage and private patios, and property amenities include a 24-hour fitness center, clubhouse, swimming pool, dog park and 500 parking spaces. At the time of the sale, the community was 96 percent occupied.

“The Tampa market saw declines in vacancy rates during the second quarter of this year, reinforcing the fundamental strength of the submarkets. Oasis at Bayside was a particularly appealing investment due to its proven value-add program and central location with quick access to Tampa, Clearwater and St. Petersburg,” said Stanton in prepared remarks.

Image courtesy of Yardi Matrix